State Regulations

Degree of Regulation

• Gift annuity-specific registration - file application with state Securities Commissioner. 
• Reserve fund - required. 
• Annual reporting - required. 

Links to State Regulations Pages

• Code of Alabama, 1975, Section 8-6-10(8)
• State Requirements List

Insurance Department Contact Information

Alabama Securities Commission
445 Dexter Avenue, Suite 12000
Montgomery, AL 36104
or
PO Box 304700
Montgomery, AL 36130-4700

Toll Free: (800) 222-1253
Fax: (334) 242-0240

Degree of Regulation

Issuance of charitable gift annuities is regulated under Alaska Statutes Section 21.03.070 and 21.03.021.

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excluding gift annuity funding assets)
• Notification required

Links to State Regulations Pages

• Alaska Statutes Section 21.03.070
• Alaska Statutes Section 21.03.021

Insurance Department Contact Information

David Phifer
Financial Examiner
Phone: (907) 269-7903
E-mail: [email protected]

Division of Insurance
Robert B. Atwood Building
550 W. 7th Ave., Ste 1560
Anchorage, AK 99501

Degree of Regulation

Issuance of charitable gift annuities is regulated under Arizona Revised Statutes Section 20-103 and Arizona Revised Statutes Section 20-119.

• Must be a Charitable organization” meaning an entity that is described in § 501(c)(3) or 170(c) of the internal revenue code of 1986.
• Years of operation - three years continuous operation (or successor or affiliate of organization in operation for that time period)
• Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes CGA funding assets)
• Audited financial statements - Must have annual audit of its operations conducted by an independent certified public accountant for the past two fiscal years.
• Commissions not permitted - no compensation to anyone contingent on the donation or amount of the gift annuity (excludes regular compensation paid by the charity to its employees).

Links to State Regulations Pages

• Arizona Revised Statutes Section 20-103
• Arizona Revised Statutes Section 20-119

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Arkansas Code Section 23-63-201(d) (enter 23-63-201 in the search box) and Rule 90.

• Years of operation - five years continuous operation (or affiliation with an organization in existence for that time with sufficient management expertise available. 
• Gift annuity-specific registration - required
• Reserve fund/investment restrictions - segregated reserve fund required; prudent investor standard
• Annual reporting - required
• Board resolution - required authorizing creation of a gift annuity fund

Links to State Regulations Pages:

• Arkansas State Charitable Gift Annuity Page

Insurance Department Contact Information

Kimberly Johnson, PIR
Insurance Examiner 
Finance Division
Arkansas Insurance Department 
1 Commerce Way, Suite 505
Little Rock, AR 72202-2087
501-371-2680
[email protected]

Degree of Regulation

Issuance of gift annuities is regulated under California Insurance Code Sections 11520-11524.

• Years of operation – 10 years active operation
• Gift annuity-specific registration – submit detailed application
• Requires a separate trust agreement and shall be legally and physically segregated from other assets of the certificate holder.
• Reserve fund/investment restrictions – segregated reserve fund required; investment restrictions
• Board resolution – required
• Annual and Quarterly reporting - required

Links to State Regulations Pages

• CA Statute (11520-11524)
• Sample Board Resolution
• Annual Statements and Quarterly Reports
• CA Insurance Code-General Investments (1170 – 1182)

Insurance Department Contact Information

Application and Amended Application to Issue Charitable Gift Annuities may now be accepted electronically and are supported by California Department of Insurance's  https://interactive.web.insurance.ca.gov/OASIS/front

Please note that if you are submitting by mail, you must file two (2) copies of all the documents listed below and mail to the San Francisco office:

Degree of Regulation

Colorado Revised Statutes 10-1-102(4) and 10-3-903(2)(i) (type in the statute, e.g. 10-1-102, in the search box on the landing page) provide a general exemption from insurance regulation for the issuance of gift annuities which:

• Meet the definition and standards contained in section 501(m)(5) of the federal “Internal Revenue Code of 1986”, as amended; and
• are issued or guaranteed by an organization that at all times during the three years preceding the date of the issuance of such annuity was eligible to receive tax deductible contributions under 170(c).

Links to State Regulations Pages

• Colorado Revised Statutes 10-1-102(4) and 10-3-903(2)(i) (type in the statute, e.g. 10-1-102, in the search box on the landing page)

Degree of Regulation

Charitable gift annuities are exempt from state insurance regulation under Connecticut General Statutes Sections 38a-1030 to 38a-1034.

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes counting the annuity gift)

Links to State Regulations Pages

• Connecticut General Statutes Sections 38a-1030 to 38a-1034

Insurance Department Contact Information

Vanessa Medina
Legal Department
Connecticut Insurance Department
PO Box 816
Hartford, CT 06142-0816
(860) 297-3804
[email protected]

Degree of Regulation

Delaware Insurance Code Sec. 2902 does provide that annuities subject to insurance regulation exclude those issued by Sec. 501(c)(3) tax-exempt organizations: "An annuity is a contract, issued by a person which is not classified by the Internal Revenue Service as exempt from taxation under Sec. 501(c)(3)." State law does not provide any additional language to specifically address Charitable Gift Annuities. Legal advice is recommended.

Degree of Regulation

State law does not specifically address Charitable Gift Annuities. Legal advice is recommended.

Degree of Regulation

Issuance of charitable gift annuities is regulated under Section 627.481 of the Florida Statutes.

A charity must have:

• Years of operation – five years continuous operation;
• Qualified as an exempt organization under the Internal Revenue Code, 26 U.S.C. s. 501(c)(3);
• Reserve fund – segregated reserve fund required;
• Annual reporting – sworn statement required;
• Rates must be calculated to provide 50% of the residuum to charity (ACGA Rates satisfy this).

Links to State Regulations Pages

• Florida Code Section 627.481
• Notification Form
• Sworn Statement
• Online Renewal

Insurance Department Contact Information

Florida Office of Insurance Regulation
Hannah Scott
Insurance Analyst
Life and Health Financial Oversight
200 East Gaines Street
Tallahassee, FL 32399-0331
Phone: (850) 413-3140
[email protected]

Degree of Regulation

Under Official Code of Georgia Annotated Sections 33-58-1 to 33-58-6, charitable gift annuities are exempt from regulation as an insurance company.

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the annuity gift.
• submit an annual filing to the state

Links to State Regulations Pages

• Code of Georgia Annotated Sections 33-58-1

Insurance Department Contact Information

Jeremy Betts, J.D.
Director, Captives and Limited Risks
Office of Commissioner John F. King
2 Martin Luther King Jr. Dr
Suite 916 West Tower
Atlanta, Georgia 30334
O: 404-651-6501
C: 470-715-3277
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under Hawaii Revised Statutes Section 431:1-204.

• Minimum assets - $200,000 in cash, cash equivalents or publicly-traded securities in HI.
• In state activity - continuous operation (program services or fundraising activity) in Hawaii for at least 10 years
• Reserve fund – segregated reserve fund required.

Links to State Regulations Pages

• Hawaii Revised Statutes Section 431:1-204
• Annual Statement Form

Insurance Department Contact Information

Tiffany Zygarewicz
Legal Assistant
State of Hawaii Insurance Division
Department of Commerce and
Consumer Affairs
P.O. Box 3614
Honolulu, HI 96811
Phone: (808) 586-2790
E-mail: [email protected]

Degree of Regulation

Under Idaho Code Sections 41-114 and 41-120, issuers of qualified charitable gift annuities are exempt from complying with the Idaho Insurance Code.

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $100,000 in available unrestricted assets (cash, cash equivalents or publicly traded securities exclusive of the assets funding the annuity agreement and adjusted for inflation).

Links to State Regulations Pages

• Idaho Code Sections 41-114 and 41-120
  
• Website: http://www.doi.idaho.gov/company/Misc/Charitable.aspx
  

Insurance Department Contact Information

Carol Anderson
Examinations Section
Idaho Department of Insurance
700 West State Street
P.O. Box 83720
Boise, ID 83720-0043
Phone: (208) 334-4309
[email protected]

Degree of Regulation

Under Section 215 ILCS 5/121-2.10, issuance of charitable gift annuities is exempt from insurance regulation.

• Years of operation - 20 years continuous operation
• Minimum assets - $2 million unrestricted fund balance.  Assets restricted to uses inconsistent with the payment of annuity obligations cannot be counted toward meeting the fund balance requirement. 
• Reinsurance permitted - the two requirements above are waived if the annuity agreements are reinsured with a commercial insurance company registered to do business in Illinois. 

Links to State Regulations Pages

• Code Section 215 ILCS 5/121

Degree of Regulation

Indiana Code Section 27-1-12.4-2 exempts charitable gift annuities from regulation by the Department of Insurance.

Links to State Regulations Pages

• State Statute Link: Indiana Code Section 27-1-12.4-2

Degree of Regulation

Gift annuities are regulated under State of Iowa Laws Section 508F.1 through 508F.8.

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - the lesser of $300,000 or five times the face value of total outstanding gift annuities in unrestricted cash, cash equivalents or publicly traded securities, not including the gift annuity funding assets

Links to State Regulations Pages

• State of Iowa Laws Section 508F.1 through 508F.8

Insurance Department Contact Information

Wayne Lacher
Compliance officer II
Iowa Insurance Division
1963 Bell Avenue
Des Moines, IA 50315
Phone: 515-654-6571
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is exempt under Kansas Uniform Securities Act, Section 17-12a201(7).

Links to State Regulations Pages

• Kansas Uniform Securities Act, Section 17-12a201(7)

Degree of Regulation

Under Section 304.1-120 of the Kentucky Revised Statutes, charitable gift annuities are exempt from insurance regulation.

• An organization exempt from federal income tax and file a Form 990 (unless a Sec. 501(c)(3) religious organization)
• Or a publicly owned or nonprofit privately endowed educational institution approved or licensed by the Kentucky Board of Education, the Southern Association of Colleges and Schools or the equivalent

Links to State Regulations Pages

• Section 304.1-120 of the Kentucky Revised Statutes

Degree of Regulation

Charitable gift annuities are exempt from regulation by the Louisiana Insurance Code under Secs. 22:951(D) and 22:952 of the Louisiana Revised Statutes.

• Organization exempt from federal income tax – are also exempt from Louisiana Insurance Regulations

Links to State Regulations Pages

• Louisiana Insurance Code under Secs, 22:951(D)
• Louisiana Insurance Code under Secs 22:952

Degree of Regulation

Issuance of charitable gift annuities is regulated under Maine Insurance Code, Title 24-A, Section 3 and Section 703-A.

• An organization exempt from federal income tax
• Years of operation - five years (or be a successor to a qualifying organization such that the combined operating years of the two organizations is at least five years)
• Incorporated in Maine or qualified foreign corporation
• Registration w/ other state agency - the foreign corporation must file with Secretary of State.

Links to State Regulations Pages

• Maine Insurance Code Title 24-A, Sec. 3

• Maine Insurance Code Title 24-A, Sec. 9

Degree of Regulation

Issuance of charitable gift annuities is regulated under Maryland Insurance Code Sec. 16-114. 

• In-state activity - charity must provide proof of activity in the state for 10 years
• Reserve fund - segregated reserve fund required; prudent investor rule

Links to State Regulations Pages

• Maryland Insurance Code Sec. 16-114
• Code of Maryland Regulations 31.09.07

• State Instructions

Insurance Department Contact Information

Director - Life, Annuity and Credit
Maryland Insurance Administration
200 St. Paul Place, Suite 2700
Baltimore, MD 21202-2004
Phone: (410) 468-2170

NOTE: Please be advised that Maryland has clarified the attestation requirement for permit holders.  This clarification confirms that either a statement must be included in the filing, or a separate letter must be filed and states the reserves meet the state requirements and are held in a segregated account.  Although this has always been part of the statute, Maryland recently sent communications clarifying this requirement.  Charities registered in Maryland should ensure their filings meet these requirements.

Degree of Regulation

Charitable gift annuities are exempt from regulation by the Massachusetts Insurance Code under Chapter 175, Sec. 118 of the General Laws of Massachusetts

Links to State Regulations Pages

• Chapter 175, Sec. 118 of the General Laws of Massachusetts

Degree of Regulation

Michigan Code does not address the exemption of charitable gift annuities from insurance regulation. However, Attorney General Opinion (Opinion No. 6538) held that a gift annuity program proposed by the Michigan State University Foundation was not subject to regulation under the Insurance Code. In addition, the Attorney General stated that regulation would not be imposed unless the issuance of annuities became the chief purpose of the foundation. The office of the Commissioner of Insurance views the opinion as applying to any legitimate charity.

Links to State Regulations Pages

• Attorney General Opinion (Opinion No. 6538)

Degree of Regulation

Issuance of charitable gift annuities is regulated under Minnesota Securities Statute 80A.45 Section 201(7).

• Not for profit, operated exclusively for religious, educational, etc. purpose

Links to State Regulations Pages

• Minnesota Securities Statute 80A.45 Section 201(7)

Degree of Regulation

Charitable Gift Annuities are exempt from insurance regulation under Mississippi Code Sections 79-11-651 through 79-11-661.

• Years of operation - three years of continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the gift annuity agreement.
• Be registered for charitable solicitation with the Mississippi Secretary of State (unless exempt from such registration).

Links to State Regulations Pages

• Mississippi Code Sections 79-11-651 through 79-11-661

Insurance Department Contact Information

Tanya Webber
Assistant Secretary of State for Charities
Charities Division
Mississippi Secretary of State
P.O. Box 136
Jackson, MS 39205
(601) 359-1599

Degree of Regulation

Charitable gift annuities are exempt from insurance regulation by the State of Missouri Laws Sections 352.500 - 352.520

• Years of operation – three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $100,000 in unrestricted cash, cash equivalents or publicly traded securities (exclusive of the assets funding the annuity agreement). 
• Organization exempt from federal income tax

Links to State Regulations Pages

• State of Missouri Laws Sections 352.500 - 352.520

Insurance Department Contact Information

Kelly Hopper
Chief of Regulatory Operations
Insurance Company Regulation Division
Missouri Department of Commerce & Insurance
301 W High Street, Suite 530
P.O. Box 690
Jefferson City MO 65102
573-751-2711
[email protected]

Degree of Regulation

Gift Annuities are exempted from state regulation under Montana Code Annotated, Sections 33-20-701 through 33-20-702

• Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
• Minimum assets - $300,000 in net worth or at least $100,000 in unrestricted cash, cash equivalents or marketable securities, exclusive of the assets funding the gift annuity agreement. 
• Reserve fund - segregated reserve required.
• Reinsurance permitted - the above requirements are waived if the charity commercially reinsures its gift annuities by a licensed insurance company qualified to do business in Montana.

Links to State Regulations Pages

• Montana Code Annotated, Sections 33-20-701 through 33-20-702 

Degree of Regulation

Issuance of charitable gift annuities is regulated under Nebraska’s Charitable Gift Annuity Act, Revised Statutes of Nebraska, Sections 59-1801 to 59-1803.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirement:

• have been in continuous operation for at least three years.

Links to State Regulations Pages

• Nebraska Statutes Secs. 59-1801 through 59-1803

Degree of Regulation

Issuance of charitable gift annuities is regulated under Nevada Revised Statutes, Sections 688A.281 through 688A.285.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the assets transferred for the annuity gift
• provide notice to the Division of Insurance
• not pay compensation that is contingent upon the issuance of the annuity or based upon the value of the annuity, other than a payment for reinsurance to an insurer licensed to issue insurance in Nevada (the definition of a qualified gift annuity specifically excludes an annuity for which a commission is paid)

Links to State Regulations Pages

• Nevada Revised Statutes, Sections 688A.281 through 688A.285

State Contact

** As of February 26, 2016, filings are only being accepted via email.
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under Chapter 403-E of New Hampshire Revised Statutes Annotated.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the assets transferred for the annuity gift
• provide notice to the New Hampshire Department of Justice
• maintain gift annuity reserves, invested in accordance with the prudent investor standard
• submit an annual filing to the state
• be registered as a charitable organization with the New Hampshire Department of Justice (unless exempt from such registration)
• offer annuity rates that do not exceed the rates suggested by the ACGA at the time the annuity is issued

Links to State Regulations Pages

• Chapter 403-E of New Hampshire Revised Statutes Annotated
  
• Notification Form
• File Notification Form Online

Department of Justice Contact

Audrey Blodgett
New Hampshire Department of Justice
Charitable Trusts Unit
33 Capitol Street
Concord, NH 03301
(603) 271-3591
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under New Jersey State Statutes Annotated Section 17B:17-13.1.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least ten years
• obtain a permit from the Department of Banking and Insurance
• maintain gift annuity reserves, invested in accordance with the prudent investor standard
• submit an annual filing to the state
• adopt a board resolution referencing applicable state statutory provisions
• be registered for charitable solicitation with the New Jersey Department of Law and Public Safety and to do business in the state with the New Jersey Division of Revenue (unless exempt from such registrations)

Links to State Regulations Pages

• New Jersey Statutes Annotated Sec. 17B:17-13.1
• New Jersey State Charitable Gift Annuity Page

New Jersey Insurance Department Contact Information

June A. Duggan
Department of Banking & Insurance
Office of Solvency Regulation
8th Floor
20 West State Street
P.O. Box 325
Trenton, NJ 08625-0325
phone: 609-292-5350 ext. 50326
e-mail: [email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under New Mexico Statutes Annotated, Section 59A-1-16.1.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have  a fund balance (assets in excess of liabilities) of at least $300,000, or unencumbered assets in its gift annuity fund (not counting reserves) of at least $300,000
• provide notice to the Insurance Division

Links to State Regulations Pages

• New Mexico Statutes Annotated, Section 59A-1-16.1

Public regulation Commission Contact

Viara Ianakieva
Staff Manager
Life and Health Rate & Form Filing Bureau
Office of Superintendent of Insurance
P.O. Box 1689
Santa Fe, NM 87504-1689
(505) 508-9073
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under New York State Insurance Law Section 1110

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least ten years
• obtain a permit from the Insurance Department
• maintain gift annuity reserves, invested in accordance with the prudent investor standard
• submit an annual filing to the state
• adopt a board resolution referencing applicable state statutory provisions

Links to State Regulations Pages

• New York State Insurance Law Section 1110
• Product Outline on gift annuity agreement content
• Application for Charitable Gift Annuity Permit 
• Annual Filing Statement

Additional Information

• As of January 5th, the New York Department of Financial Services have posted their maximum allowed rates for Charitable Gift Annuities.  NY is using a return assumption of 5%.  As the new ACGA rates use an assumption of 4.25%, the newly released ACGA rates are lower than the maximum rates allowed by NY.  This means charities in NY, and those registered in NY, can continue to use the suggested maximum ACGA rates for single and joint CGA gifts and remain in compliance with NY regulations.  The ACGA continues to work directly with NY to update the statutes to avoid this conflict in the future. 
• The American Council on Gift Annuities (ACGA) is pleased to share our progress in working with regulators in New York State regarding maximum allowable charitable gift annuity payout rates. For more information on the background and the solution we are working on with The New York Department of Financial Services, please click here.
• ACGA Collaborates with New York Insurance Department to Reach Compromise on New Reserve Requirements for Charities That Issue Gift Annuities in New York - Click Here
• Further clarification on calculating required assets in the case of a charity that applies for a certificate of exemption rather than a permit in New York - Click Here

New York Insurance Department Contact Information

David Hee
Supervising Insurance Examiner
Life Bureau Department of Financial Services
One State Street, 11^th Floor
New York, NY 10004-1511
[email protected]
https://www.dfs.ny.gov/insurance/life/charanlc.htm

IRA QCDs Update

Click here to read more bout how QCD's funded with IRAs should be handled.

Degree of Regulation

Issuance of charitable gift annuities is regulated under General Statutes of North Carolina Section 58-3-6.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have at least $100,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets contributed by the donor for the annuity agreement.
• provide notice to the Department of Insurance

Links to State Regulations Pages

• General Statutes of North Carolina Section 58-3-6
• Notification form

Department of Insurance Contact

Cara Shackelford Senior Policy and Rate Analyst
Life & Health Division
North Carolina Department of Insurance
1201 Mail Services Center
Raleigh, NC 27699-1201
(919) 807-6064

Degree of Regulation

Issuance of charitable gift annuities is regulated under the State Century Code Sections 26.1-34.1-01.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• apply for a certificate of exemption from the Insurance Department
• maintain gift annuity reserves
• submit an annual filing to the state

Links to State Regulations

• North Dakota Century Code Sections 26.1-34.1-01

North Dakota Insurance Department Contact Information

Patrick Hendrickson
Financial Analyst
North Dakota Insurance Department
600 E Boulevard Ave.
Bismarck, ND 58505-0320
[email protected]

Degree of Regulation

Ohio law does not specifically address charitable gift annuities. In one case, Transgenstein v. Board of Trustees of Wheaton College, 96 Ohio St. 3d 1525 (2002), the appellate court found that gift annuities do not constitute “transacting the business of life insurance” in the Ohio.  Because no further guidance is available, legal advice is recommended for the issuance of gift annuities in this state.

Degree of Regulation

Issuance of charitable gift annuities is regulated under the Oklahoma Charitable Gift Annuity Act (Oklahoma Statutes, Title 36, Sections 4071-4082).

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have a minimum of $100,000 in unrestricted assets, not including assets comprising the annuities
• provide notice to the Department of Insurance
• submit an annual filing to the state
• be qualified to do business in the state, which may necessitate registration with the Secretary of State (unless exempt from such registration)

Links to State Regulations

• Oklahoma Statutes, Title 36, Sections 4071-4082

• Online Registration and Renewal
  The required notifications must be submitted via email. Mailed applications are no longer accepted. To obtain registration and renewal information, click on Industry/Regulations, Regulated Entities, Regulated Industry Services, Charitable Gift Annuities.

Department of Insurance Contact Information

Department of Insurance
Dana Morphew
RIS Specialist II
400 NE 50th Street
Oklahoma City, OK 73105
(405) 522-8398
[email protected] 

Degree of Regulation

Issuance of charitable gift annuities is regulated under Oregon Revised Statutes 731.038.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least five years (or be the successor or affiliate of an organization in operation for that period of time)
• have a minimum of $300,000 in net assets as shown by an annual audited financial statement by an independent certified public accountant (CPA);
• maintain gift annuity reserves invested in accordance with the prudent investor standard

A charity that held a certificate of authority from the Oregon Insurance Department under the state’s prior gift annuity law (which was in effect through December 31, 2005) may continue to issue annuity agreements, even if it does NOT have $300,000 in net assets or has been in continuous operation for five years.

Links to State Regulations Pages

• Oregon Revised Statutes 731.038

Degree of Regulation

Issuance of charitable gift annuities is regulated under Pennsylvania Statutes, Title 10, Sections 361-364.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
• have unrestricted assets of at least $100,000
• maintain gift annuity reserves
• be registered for charitable solicitation with the Pennsylvania Department of State (unless exempt from such registration; see paragraph 6, option 3 in the disclosure language below)

Degree of Regulation

State law does not specifically address Charitable Gift Annuities. Legal advice is recommended.

Degree of Regulation

Issuance of charitable gift annuities is regulated under Section 38-5-20 of the Code of Laws of South Carolina. 

In order to issue gift annuities in the state, a charity must meet the following regulatory requirement:

• have been in active operation for at least five years

Links to State Regulations Pages

• Code of Laws of South Carolina Sec. 38-5-20

Degree of Regulation

Issuance of charitable gift annuities is regulated under South Dakota Codified Laws Section 58-1-16.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least 10 years
• have at least $500,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the annuity agreement as of the date of the annuity agreement
• be a qualified organization (a qualified organization means an organization which is either domiciled in South Dakota and has its principal place of business in South Dakota or is qualified to do business in South Dakota as a foreign corporation, and which is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as a charitable organization and regularly files a copy of Federal Form 990 in the Office of the Attorney General or is exempt from taxation under Section 501(c)(3) of the Intern Revenue Code as a religious organization or is exempt as a publicly owned or nonprofit, privately endowed educational institution approved, accredited, or licensed by the state board of education, the north central association of colleges and schools, or an equivalent public authority of the jurisdiction where the institution is located.)

Links to State Regulations Pages

• South Dakota Codified Laws Sec. 58-1-16

Degree of Regulation

Issuance of charitable gift annuities is regulated under Tennessee Code Annotated, Sections 56-52-101 through 56-52-111.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• obtain a certificate of authority from the Tennessee Insurance Department
• maintain gift annuity reserves, invested in accordance with the prudent investor standard
• submit an annual filing to the state

Links to State Regulations Pages

• Tennessee Code Annotated, Sections 56-52-101 through 56-52-111
• Application Packet
• Annual Report

Insurance Department Contact Information

Michael Landers
Company Licensing Analyst
Tennessee Insurance Division
Davy Crockett Tower, 7th Floor
500 James Robertson Parkway
Nashville, TN 37243
p. 615-741-7346
f. 615-532-2788
[email protected]

Degree of Regulation

Issuance of charitable gift annuities is regulated under Chapter 102, Texas Insurance Code.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for more than three years
• have a minimum of $100,000 in cash, cash equivalents, or publicly-traded securities, exclusive of assets funding the annuity agreements
• provide notice to the Department of Insurance

Links to State Regulations

• Chapter 102, Texas Insurance Code

Department of Insurance Contact Information

Life/Health and HMO Intake Team
Life, Annuity and Credit Program
Life and Health Lines Office
Texas Department of Insurance
MC-106-1A
P.O. Box 149104
Austin, TX 78714-9104
(512) 676-6628
Email: [email protected]
NOTE: Filing may be submitted via email.

Degree of Regulation

Issuance of charitable gift annuities is regulated under Utah Code Annotated Sections 31A-1-301(88) and (93) and 31A-22-1305.

Links to State Regulations Pages

• Utah Code Annotated Sections 31A-1-301(88) and (93)
• Utah Code Annotated Sec. 31A-22-1305

Degree of Regulation

Issuance of charitable gift annuities is regulated under Vermont Statutes Title 9, Chapter 68, Sections 2517 to 2518.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for three years (or be the successor or affiliate of an organization in operation for that period of time)
• have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, in addition to the assets necessary to fund the charity's outstanding annuity obligations on the date it enters into a gift annuity agreement

Links to State Regulations Pages

• Vermont Statutes Title 9, Chapter 68, Sections 2517 to 2518

Degree of Regulation

Issuance of charitable gift annuities is regulated under Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years
• have at least $100,000 in cash, cash equivalents, or publicly-traded securities, not including the assets contributed for annuities

Links to State Regulations Pages

• Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia

Degree of Regulation

Issuance of charitable gift annuities is regulated under Revised Code of Washington Chapter 48.38 and Chapter 284-38 WAC In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for three years
• have $500,000 in unrestricted net assets
• obtain a certificate of exemption from the Office of Insurance Commissioner.
• maintain gift annuity reserves, invested in accordance with the prudent investor standard
• submit an annual filing to the state
• register as a charitable organization with the Washington Secretary of State (unless exempt from such registration)

Links to State Regulations

• Code of Washington Sec. 48.38
• Annual Report Information

Washington Insurance Department Contact Information

For Registration and Financial Filings: 
Office of the Insurance Commissioner
Company Supervision Division
P.O. Box 40255
Olympia, WA 98504-0255
[email protected] 
(360) 725-7200

For Form Filings:
Office of the Insurance Commissioner
Rates and Forms Division
P.O. Box 40255
Olympia, WA 98504-0255
(360) 725-7111

Degree of Regulation

Issuance of charitable gift annuities is regulated under West Virginia Code Section 33-13B-1-6.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

• have been in continuous operation for at least three years (or be a successor or affiliate of a charitable organization that has been in continuous operation for three years).
• have a minimum of $300,000 in unrestricted cash, cash equivalents, or publicly-traded securities, exclusive of the assets funding the annuity agreements
• provide notice to the Office of the Insurance Commissioner

Links to State Regulations Pages

• West Virginia Code Section 33-13B-1-6

West Virginia Insurance Department Contact Information

Cristy Dunlap, CAP, MOS
Data Analyst I
WV Offices of the Insurance Commissioner
Financial Conditions Division 
PO Box 50540
Charleston, WV 25305-0540
(304) 558-2100
[email protected]

Degree of Regulation

Effective April 18, 2014, a significant change has occurred in the law governing issuance of charitable gift annuities in Wisconsin. (2013 Wisconsin Act 271) Previously a highly regulated state, requiring application to the Office of the Commissioner of Insurance (OCI) and annual reporting, Wisconsin now provides gift annuities with a general exemption from insurance regulation, with no filing required (either initially or annually) to the OCI.

• Years of operation – three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)

Links to State Regulations Pages

• 2013 Wisconsin Act 271

Wisconsin Insurance Department Contact Information

Bureau of Financial Analysis and Examinations
Office of the Commissioner of Insurance
P.O. Box 7873
Madison, WI 53707-7873
Kristin Forsberg
(800) 236-8517
[email protected]
OR
Steve Caughill
(608) 267-2049
[email protected]

Degree of Regulation

State law does not specifically address charitable gift annuities. Legal advice is recommended.